UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the period ended September 30, 2003

                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the transition period from                 to
                               ---------------    ---------------

Commission File Number 0-8667
                       ------


                         PUBLIC STORAGE PROPERTIES, LTD.
                         -------------------------------
             (Exact name of registrant as specified in its charter)


               California                                             95-3196921
----------------------------------------                              ----------
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                            Identification Number)

      701 Western Ave.
         Glendale, California                                              91201
--------------------------------------                                     -----
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code:               (818) 244-8080
                                                                  --------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

   Yes        X       No
           --------          --------


         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).

   Yes                No        X
           --------          --------

The Registrant is a limited partnership and issues units representing  ownership
of limited partner interests.  Number of units outstanding at November 12, 2003:
20,000

<PAGE>


                                      INDEX

                                                                            Page
                                                                            ----

PART I.   FINANCIAL INFORMATION

Condensed balance sheets at September 30, 2003
     and December 31, 2002                                                     2

Condensed statements of income for the three and nine
     months ended September 30, 2003 and 2002                                  3

Condensed statement of partners' equity for the
     nine months ended September 30, 2003                                      4

Condensed statements of cash flows for the
     nine months ended September 30, 2003 and 2002                             5

Notes to condensed financial statements                                      6-7

Management's discussion and analysis of
     financial condition and results of operations                          8-10

Risk Factors                                                               10-11

Controls and Procedures                                                       12

PART II.  OTHER INFORMATION (Items 2 - 5 not applicable)

Item 1  Legal Proceedings                                                     13

Item 6  Exhibits and Reports on Form 8-K                                      13


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                              September 30,        December 31, 2002
                                                                                 2003                    2002
                                                                           -------------------- ---------------------
                                                                              (Unaudited)

                                                     ASSETS
                                                     ------
<S>                                                                          <C>                  <C>
Cash and cash equivalents                                                    $     931,000        $      538,000
Rent and other receivables                                                          58,000                49,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   9,383,000             9,217,000
     Land                                                                        2,476,000             2,476,000
                                                                           -------------------- ---------------------
                                                                                11,859,000            11,693,000

     Less accumulated depreciation                                              (8,547,000)           (8,152,000)
                                                                           -------------------- ---------------------
                                                                                 3,312,000             3,541,000

Other assets                                                                        22,000                50,000
                                                                           -------------------- ---------------------

Total assets                                                                 $   4,323,000        $    4,178,000
                                                                           ==================== =====================


                                        LIABILITIES AND PARTNERS' EQUITY
                                        --------------------------------


Accounts payable                                                             $     129,000        $       52,000
Deferred revenue                                                                   152,000               160,000

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                                        3,001,000             2,944,000
     General partners' equity                                                    1,041,000             1,022,000
                                                                           -------------------- ---------------------

     Total partners' equity                                                      4,042,000             3,966,000
                                                                           -------------------- ---------------------

Total liabilities and partners' equity                                       $   4,323,000        $    4,178,000
                                                                           ==================== =====================
</TABLE>


                            See accompanying notes.
                                       2


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                         CONDENSED STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                  Three Months Ended                     Nine Months Ended
                                                                    September 30,                          September 30,
                                                        -------------------------------------- -------------------------------------
                                                                 2003                2002               2003               2002
                                                        ------------------ ------------------- ------------------- -----------------

  REVENUES:
  <S>                                                    <C>                <C>                 <C>                <C>
  Rental income                                          $    1,577,000     $    1,459,000      $    4,623,000     $    4,410,000
  Other income                                                   11,000              9,000              33,000             28,000
                                                        ------------------ ------------------- ------------------- -----------------

                                                              1,588,000          1,468,000           4,656,000          4,438,000
                                                        ------------------ ------------------- ------------------- -----------------

  COSTS AND EXPENSES:

  Cost of operations                                            324,000            318,000           1,014,000            878,000
  Management fees paid to affiliate                              94,000             87,000             279,000            264,000
  Depreciation                                                  132,000            129,000             395,000            386,000
  Administrative                                                 13,000             12,000              63,000             69,000
  Interest expense                                                    -                  -                   -             13,000
                                                        ------------------ ------------------- ------------------- -----------------

                                                                563,000            546,000           1,751,000          1,610,000
                                                        ------------------ ------------------- ------------------- -----------------

  NET INCOME                                             $    1,025,000     $      922,000      $    2,905,000     $    2,828,000
                                                        ================== =================== =================== =================

  Limited partners' share of net income ($108.80 per
    unit in 2003 and $128.80 per unit in 2002)                                                  $    2,176,000     $    2,576,000

  General partners' share of net income                                                                729,000            252,000
                                                                                               ------------------- -----------------

                                                                                                $    2,905,000     $    2,828,000
                                                                                               =================== =================
</TABLE>


                            See accompanying notes.
                                       3


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                     CONDENSED STATEMENT OF PARTNERS' EQUITY
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                        Total
                                                            Limited              General                Partners'
                                                            Partners             Partners               Equity
                                                     --------------------- --------------------- ---------------------
<S>                                                    <C>                  <C>                   <C>
Balance at December 31, 2002                           $      2,944,000     $      1,022,000      $      3,966,000

Net income                                                    2,176,000              729,000             2,905,000

Distributions                                                (2,100,000)            (729,000)           (2,829,000)

Equity transfer                                                 (19,000)              19,000                     -
                                                     --------------------- --------------------- ---------------------

Balance at September 30, 2003                          $      3,001,000     $      1,041,000      $      4,042,000
                                                     ===================== ===================== =====================

</TABLE>


                            See accompanying notes.
                                       4


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                        Nine Months Ended
                                                                                          September 30,
                                                                            ---------------------------------------------
                                                                                      2003                 2002
                                                                            ---------------------- ----------------------
  Cash flows from operating activities:
        <S>                                                                       <C>                  <C>
        Net income                                                            $     2,905,000      $     2,828,000

    Adjustments to reconcile net income to net cash provided by operating
       activities:

         Depreciation                                                                 395,000              386,000
         (Increase)Decrease in rent and other receivables                              (9,000)             105,000
         Decrease in other assets                                                      28,000               13,000
         Increase in accounts payable                                                  77,000               69,000
         (Decrease)increase in deferred revenue                                        (8,000)              19,000
                                                                            ---------------------- ----------------------

             Total adjustments                                                        483,000              592,000
                                                                            ---------------------- ----------------------

             Net cash provided by operating activities                              3,388,000            3,420,000
                                                                            ---------------------- ----------------------

  Cash flows from investing activities:

    Additions to real estate facilities                                              (166,000)            (181,000)
                                                                            ---------------------- ----------------------

             Net cash used in investing activities                                   (166,000)            (181,000)
                                                                            ---------------------- ----------------------

  Cash flows from financing activities:

    Distributions paid to partners                                                 (2,829,000)            (878,000)
    Principal payments on note payable to commercial bank                                   -           (2,000,000)
                                                                            ---------------------- ----------------------

             Net cash used in financing activities                                 (2,829,000)          (2,878,000)
                                                                            ---------------------- ----------------------

  Net increase in cash and cash equivalents                                           393,000              361,000

  Cash and cash equivalents at the beginning of the period                            538,000              175,000
                                                                            ---------------------- ----------------------

  Cash and cash equivalents at the end of the period                          $       931,000      $       536,000
                                                                            ====================== ======================
</TABLE>


                            See accompanying notes.
                                       5


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                   (UNAUDITED)

1.       The accompanying  unaudited  condensed  financial  statements have been
         prepared  pursuant to the rules and  regulations  of the Securities and
         Exchange  Commission.  Certain  information  and  footnote  disclosures
         normally included in financial  statements  prepared in accordance with
         generally accepted accounting principles have been condensed or omitted
         pursuant to such rules and regulations,  although  management  believes
         that  the  disclosures  contained  herein  are  adequate  to  make  the
         information   presented  not  misleading.   These  unaudited  condensed
         financial  statements  should be read in conjunction with the financial
         statements and related notes appearing in the  Partnership's  Form 10-K
         for the year ended December 31, 2002.

2.       In the opinion of  management,  the  accompanying  unaudited  condensed
         financial  statements  reflect all  adjustments,  consisting  of normal
         accruals,  necessary  to  present  fairly the  Partnership's  financial
         position at September 30, 2003,  the results of its  operations for the
         three and nine months  ended  September  30, 2003 and 2002 and its cash
         flows for the nine months then ended.

3.       The results of operations for the three and nine months ended September
         30, 2003 are not necessarily indicative of the results expected for the
         full year.

4.       During October 1998, we borrowed  $12,400,000  from a commercial  bank.
         The loan is  unsecured  and  bears  interest  at the  London  Interbank
         Offering Rate ("LIBOR") plus 0.55%. The loan was scheduled to mature in
         October 2002.  During the second quarter of 2002, the Partnership  paid
         the loan in full without premium or penalty.

5.       The  Partnership   Agreement  requires  that  any  cash  available  for
         distribution  (cash flow from all sources less cash  necessary  for any
         obligations  or  capital  improvement  needs) be  distributed  at least
         quarterly.  Cash  distributions were suspended in the fourth quarter of
         1990  due  to  debt   service   payments.   The   Partnership   resumed
         distributions  in the third quarter of 2002 because all debt was repaid
         at June 30,  2002.  We paid  distributions  to the  limited and general
         partners   totaling   $2,100,000   ($105.00  per  unit)  and  $729,000,
         respectively, for the nine months ended September 30, 2003, as compared
         to $650,000 ($32.50 per unit) and $228,000,  respectively, for the same
         period in 2002.  Future  distribution  rates may be  adjusted to levels
         which are supported by operating  cash flow after capital  improvements
         and any other necessary obligations.

6.       We evaluate our real estate for  impairment  on a quarterly  basis.  We
         first evaluate  these assets for indicators of impairment  such as a) a
         significant  decrease  in  the  market  price  of  real  estate,  b)  a
         significant adverse change in the extent or manner in which real estate
         is being used or in its physical  condition,  c) a significant  adverse
         change in legal  factors or the business  climate that could affect the
         value of the real estate, d) an accumulation of costs  significantly in
         excess  of the  amount  originally  projected  for the  acquisition  of
         construction  of the real estate,  or e) a current period  operating or
         cash flow loss combined with a history of operating or cash flow losses
         or  a  projection  or  forecast  that  demonstrates  continuing  losses
         associated with the use of the real estate. When any such indicators of
         impairment are noted,  we compare the carrying value of the real estate
         to the future  estimated  undiscounted  cash flows  attributable to the
         real estate. If the real estate's  recoverable  amount is less than the
         carrying  value of the asset,  then an impairment  charge is booked for
         the excess of  carrying  value over the real  estate's  net  realizable
         value. Our evaluations have identified no such impairments at September
         30, 2003.

         Any real  estate  which we expect to sell or  dispose of prior to their
         previously  estimated  useful  life are  stated  at the  lower of their
         estimated net realizable  value or their carrying  value,  less cost to
         sell, and are evaluated throughout the sale process for impairment.


                                       6


<PAGE>


7.       Related Party Transactions

         The  Partnership has a Management  Agreement with Public Storage,  Inc.
         ("PSI").   Under  the  terms  of  the   agreement,   PSI  operates  the
         mini-warehouse  facilities  for a fee  equal  to 6% of the  facilities'
         gross  revenue (as  defined).  For the nine months ended  September 30,
         2003  and  2002,  the  Partnership  paid  PSI  $279,000  and  $264,000,
         respectively, pursuant to this management agreement.

         The Management  Agreement between the Partnership and PSI provides that
         the Management  Agreement may be terminated  without cause upon 60 days
         written notice by the Partnership or nine months notice by PSI.

         In addition,  the Partnership  combines its insurance  purchasing power
         with PSI through a captive insurance company controlled by PSI, STOR-Re
         Mutual  Insurance  Corporation  ("Stor-Re").  Stor-Re  provides limited
         property and liability  insurance to the  Partnership  at  commercially
         competitive  rates.  The Partnership and PSI also utilize  unaffiliated
         insurance  carriers to provide  property  and  liability  insurance  in
         excess of Stor-Re's limitations.

8.       Commitments and Contingencies

         Legal Proceedings

         Serrao v. Public  Storage,  Inc.  (filed April 2003)  (Superior Court -
         Orange County)
         -----------------------------------------------------------------------

         The  plaintiff  in this case  filed a suit  against  Public  Storage on
         behalf of a putative  class of renters  who rented  self-storage  units
         from  Public   Storage.   Plaintiff   alleges   that   Public   Storage
         misrepresents  the size of its storage units,  has brought claims under
         California  statutory  and common law relating to consumer  protection,
         fraud,  unfair  competition,  and negligent  misrepresentation,  and is
         seeking monetary damages,  restitution,  and declaratory and injunctive
         relief.

         The claim in this case is  substantially  similar to those in Henriquez
         v. Public  Storage,  Inc.,  which was  disclosed in prior  reports.  In
         January  2003,  the  plaintiff   caused  the  Henriquez  action  to  be
         dismissed.  Based upon the  uncertainty  inherent in any putative class
         action,   Public  Storage  cannot  presently  determine  the  potential
         damages,  if any, or the ultimate  outcome of this  litigation.  Public
         Storage is vigorously  contesting the claims upon which this lawsuit is
         based.

         Salaam, et. al. v. Public Storage, Inc. (filed February 2000) (Superior
         Court - Los Angeles County)
         -----------------------------------------------------------------------

         The  plaintiffs  in this case are suing  Public  Storage on behalf of a
         purported class of California resident property managers who claim that
         they were not  compensated  for all the hours  they  worked.  The named
         plaintiffs  have indicated that their claims total less than $20,000 in
         aggregate.  This maximum potential  liability cannot be estimated,  but
         can  only be  increased  if a  class  is  certified  or if  claims  are
         permitted  to be brought on behalf of the others  under the  California
         Unfair  Business  Practices  Act.  The  plaintiffs'  motion  for  class
         certification  was denied in August 2002; the plaintiffs  have appealed
         this  denial.  This  denial  does not deal  with the  claim  under  the
         California Unfair Business Practices Act.

         Public  Storage is continuing to vigorously  contest the claims in this
         case and intends to resist any expansion beyond the named plaintiffs on
         the  grounds  of  lack  of  commonality  of  claims.  Public  Storage's
         resistance will include opposing the plaintiffs'  appeal of the court's
         denial  of class  certification  and  opposing  the  claim on behalf of
         others under the  California  Unfair  Business  Practices  Act.  Public
         Storage cannot presently  determine the potential  damages,  if any, or
         the ultimate outcome of this litigation.

         The  Partnership is a party to various  claims,  complaints,  and other
         legal  actions that have arisen in the normal  course of business  from
         time to time. The Partnership  believes that the outcome of these other
         pending legal proceedings,  in the aggregate,  will not have a material
         adverse  effect  upon  the  operations  or  financial  portion  of  the
         Partnership.


                                       7


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS
--------------------------

         When  used  within  this  document,  the words  "expects,"  "believes,"
"anticipates,"  "should,"  "estimates," and similar  expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the  Securities  Exchange Act of 1933, as amended,  and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks,  uncertainties,  and other  factors,  which may
cause the actual  results and  performance  of the  Partnership to be materially
different  from those  expressed or implied in the forward  looking  statements.
Such factors are described in "Risk  Factors" (as  discussed  below) and include
changes  in  general  economic  conditions  and  in the  markets  in  which  the
Partnership operates and the impact of competition from new and existing storage
and  commercial  facilities and other storage  alternatives,  which could impact
rents and occupancy levels at the  Partnership's  facilities;  the impact of the
regulatory  environment  as  well  as  national,   state,  and  local  laws  and
regulations,  which  could  increase  the  Partnership's  expense and reduce the
Partnership's cash available for distribution;  and economic  uncertainty due to
the impact of war or terrorism  could  adversely  affect our business  plan.  We
disclaim  any  obligation  to publicly  release the results of any  revisions to
these   forward-looking   statements   reflecting  new   estimates,   events  or
circumstances after the date of this report.

CRITICAL ACCOUNTING POLICIES
----------------------------

         Impairment of Long Lived Assets

         Substantially  all of our assets consist of real estate. On a quarterly
basis, we evaluate our real estate for impairment. The evaluation of real estate
for impairment  requires  determining  whether  indicators of impairment  exist,
which is a subjective process.  When any indicators of impairment are found, the
evaluation then entails  projections of future operating cash flows,  which also
involves  significant  judgment.  We  have  identified  no such  impairments  at
September 30, 2003.  However,  future events,  or facts and  circumstances  that
currently exist that we have not yet  identified,  could cause us to conclude in
the future that our real estate is impaired. Any resulting impairment loss could
have a  material  adverse  impact on our  financial  condition  and  results  of
operations.

         Estimated Useful Lives of Long-Lived Assets

         A significant  amount of our assets consist of depreciable,  long-lived
assets. We record  depreciation  expense with respect to these assets based upon
their estimated  useful lives. Any change in the estimated useful lives of those
assets,  caused by functional or economic  obsolescence or other factors,  could
have a  material  adverse  impact  on our  financial  condition  or  results  of
operations.

         Accruals for Contingencies

         We are exposed to business  and legal  liability  risks with respect to
events that have occurred,  but in accordance with generally accepted accounting
principles we have not accrued for such potential  liabilities  because the loss
is either  not  probable  or not  estimable  or  because we are not aware of the
event.  Future events and the result of pending  litigation could result in such
potential  losses becoming  probable and estimable,  which could have a material
adverse  impact on our  financial  condition or results of  operations.  Some of
these  potential  losses  which we are aware of, are  described in Note 8 to the
Partnership's financial statements.


                                       8


<PAGE>


         Accruals for Operating Expenses

         We accrue for property tax expense and other  operating  expenses based
upon estimates and historical trends and current and anticipated local and state
government  rules  and  regulations.  If these  estimates  and  assumptions  are
incorrect, our expenses could be misstated.

RESULTS OF OPERATIONS
---------------------

         Three months ended  September  30, 2003  compared to three months ended
September 30, 2002:

         Our net  income  for the three  months  ended  September  30,  2003 was
$1,025,000  compared to $922,000 for the three months ended  September 30, 2002,
representing an increase of $103,000 or 11%.

         Rental  income  for the  three  months  ended  September  30,  2003 was
$1,577,000 compared to $1,459,000 for the three months ended September 30, 2002,
representing an increase of $118,000 or 8%. Weighted average occupancy levels at
the  mini-warehouse  facilities  were  91% and 87% for the  three  months  ended
September 30, 2003 and 2002,  respectively.  Annual  realized rent for the three
months ended  September  30, 2003  increased to $14.02 per occupied  square foot
compared  $13.57 per occupied  square foot for the three months ended  September
30, 2002.

         Cost of operations (including management fees paid to an affiliate) for
the three months ended September 30, 2003 was $418,000  compared to $405,000 for
the three months ended  September 30, 2002,  representing an increase of $13,000
or 3%.

         Nine months  ended  September  30, 2003  compared to nine months  ended
September 30, 2002:

         Our net  income  for the  nine  months  ended  September  30,  2003 was
$2,905,000  compared to $2,828,000 for the nine months ended September 30, 2002,
representing an increase of $77,000 or 3%.

         Rental  income  for the  nine  months  ended  September  30,  2003  was
$4,623,000  compared to $4,410,000 for the nine months ended September 30, 2002,
representing an increase of $213,000 or 5%. Weighted average occupancy levels at
the  mini-warehouse  facilities  were  90% and 87% for  the  nine  months  ended
September  30, 2003 and 2002,  respectively.  Annual  realized rent for the nine
months ended  September  30, 2003  increased to $13.90 per occupied  square foot
compared $13.64 per occupied square foot for the nine months ended September 30,
2002.

         Cost of operations (including management fees paid to an affiliate) for
the nine months ended  September 30, 2003 was $1,293,000  compared to $1,142,000
for the nine  months  ended  September  30,  2002,  representing  an increase of
$151,000  or 13%.  The  increase  in cost of  operations  for the three and nine
months  ended  September  30, 2003,  is  primarily  due to increases in payroll,
advertising and promotion and property insurance costs.

         For the nine months ended  September 30, 2002,  we incurred  $13,000 of
interest expense.  As a result of the loan being paid in full during 2002, there
was no interest expense incurred in the nine months ended September 30, 2003.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

         Cash generated from  operations  ($3,388,000  for the nine months ended
September 30, 2003) has been  sufficient to meet all current  obligations of the
Partnership.

         During October 1998, we borrowed  $12,400,000  from a commercial  bank.
The loan is unsecured and bears interest at the London  Interbank  Offering Rate
("LIBOR") plus 0.55%. The loan was scheduled to mature October 2002.  During the
second quarter of 2002, the Partnership paid the loan in full without premium or
penalty.

         We paid  distributions  to the limited and  general  partners  totaling
$2,100,000  ($105.00 per unit) and $729,000,  respectively,  for the nine months
ended September 30, 2003, as compared to $650,000 ($32.50 per unit) and


                                       9


<PAGE>


$228,000,  respectively,  for the same period in 2002. Future distribution rates
may be adjusted  to levels  which are  supported  by  operating  cash flow after
capital improvements and any other necessary obligations.

RISK FACTORS
------------

         In addition to the other information in our Form 10-Q and Annual Report
on Form 10-K for the year ended  December  31,  2002,  you should  consider  the
following factors in evaluating the Partnership:

         PUBLIC   STORAGE  HAS  A   SIGNIFICANT   DEGREE  OF  CONTROL  OVER  THE
PARTNERSHIP.

         Public Storage is general partner and owns  approximately  31.4% of our
outstanding  limited partnership units. In addition,  PS Orangeco  Partnerships,
Inc., an affiliate of Public Storage, owns an additional 0.1% of our outstanding
limited partnership units. As a result,  Public Storage has a significant degree
of  control  over  matters  submitted  to a vote of our  unitholders,  including
amending our organizational documents,  dissolving the Partnership and approving
other extraordinary transactions.

         SINCE OUR BUSINESS  CONSISTS  PRIMARILY OF ACQUIRING AND OPERATING REAL
ESTATE, WE ARE SUBJECT TO REAL ESTATE OPERATING RISKS.

         The value of our  investments  may be reduced by general  risks of real
estate  ownership.  Since we derive  substantially  all of our income  from real
estate  operations,  we  are  subject  to  the  general  risks  of  owning  real
estate-related assets, including:

o        lack of demand for rental spaces or units in a locale;

o        changes in general economic or local conditions;

o        changes in supply of or demand for similar or competing  facilities  in
         an area;

o        potential terrorists attacks;

o        the impact of environmental protection laws;

o        changes in interest rates and availability of permanent  mortgage funds
         which may  render the sale or  financing  of a  property  difficult  or
         unattractive; and

o        changes in tax, real estate and zoning laws.

         There is significant competition among self-storage facilities and from
other storage alternatives.  All of our properties are self-storage  facilities,
which generated all of our rental revenues.  Local market conditions will play a
significant  part in how competition  will affect us.  Competition in the market
areas in which  many of our  properties  are  located  from  other  self-storage
facilities and other storage  alternatives  is significant  and has affected the
occupancy levels, rental rates and operating expenses of some of our properties.
Any  increase  in  availability  of funds  for  investment  in real  estate  may
accelerate  competition.  Further  development  of  self-storage  facilities may
intensify  competition among operators of self-storage  facilities in the market
areas in which we operate.

         We may incur  significant  environmental  costs and liabilities.  As an
owner of real properties,  under various federal,  state and local environmental
laws, we are required to clean up spills or other releases of hazardous or toxic
substances  on  or  from  our  properties.  Certain  environmental  laws  impose
liability whether or not the owner knew of, or was responsible for, the presence
of the  hazardous  or toxic  substances.  In some  cases,  liability  may not be
limited to the value of the property.  The presence of these substances,  or the
failure to properly  remediate any resulting  contamination,  also may adversely
affect the owner's or operator's  ability to sell, lease or operate its property
or to borrow using its property as collateral.


                                       10


<PAGE>


         We  have  conducted  preliminary   environmental   assessments  on  the
properties   in  which  the   Partnership   has  an  interest  to  evaluate  the
environmental condition of, and potential  environmental  liabilities associated
with, our properties. These assessments generally consist of an investigation of
environmental  conditions at the property  (not  including  soil or  groundwater
sampling or analysis),  as well as a review of available  information  regarding
the site and publicly available data regarding  conditions at other sites in the
vicinity.  In connection with these property  assessments,  we have become aware
that prior  operations or activities at some facilities or from nearby locations
have or may have resulted in  contamination  to the soil or groundwater at these
facilities.  In this regard, some of our facilities are or may be the subject of
federal or state environment  investigations  or remedial  actions.  Although we
cannot  provide  any   assurance,   based  on  the   preliminary   environmental
assessments,  we believe we have funds  available  to cover any  liability  from
environmental  contamination or potential  contamination and we are not aware of
any  environmental  contamination  of our  facilities  material  to our  overall
business, financial condition or results of operation.

         There have been an increasing  number of claims and litigation  against
owners and  managers of rental  properties  relating  to moisture  infiltration,
which can result in mold or other property  damage.  When we receive a complaint
concerning  moisture  infiltration,  condensation or mold problems and/or become
aware that an air quality concern exists,  we implement  corrective  measures in
accordance  with  guidelines and protocols we have developed with the assistance
of outside  experts.  We seek to work  proactively  with our  tenants to resolve
moisture  infiltration  and  mold-related  issues,  subject  to our  contractual
limitations on liability for such claims. However, we can make no assurance that
material legal claims relating to moisture  infiltration and the presence of, or
exposure to mold will not arise in the future.

         Property   taxes  can  increase  and  cause  a  decline  in  yields  on
investments.  Each of our  properties is subject to real property  taxes.  These
real property  taxes may increase in the future as property tax rates change and
as our properties are assessed or reassessed by tax authorities.  Such increases
could adversely impact the Partnership's profitability.

         We must comply with the Americans  with  Disabilities  Act and fire and
safety  regulations,   which  can  require  significant  expenditures.  All  our
properties must comply with the Americans with Disabilities Act and with related
regulations  (the  "ADA").  The ADA has  separate  compliance  requirements  for
"public accommodations" and "commercial facilities," but generally requires that
buildings be made  accessible to persons with  disabilities.  Various state laws
impose similar  requirements.  A failure to comply with the ADA or similar state
laws could result in government  imposed fines on us and the award of damages to
individuals affected by the failure. In addition, we must operate our properties
in compliance with numerous local fire and safety  regulations,  building codes,
and other land use regulations.  Compliance with these  requirements can require
us to spend  substantial  amounts of money,  which would  reduce cash  otherwise
available  for   distribution   to  Partners.   Failure  to  comply  with  these
requirements could also affect the marketability of our real estate facilities.

         TERRORIST  ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT MAY HAVE
AN ADVERSE  IMPACT ON OUR BUSINESS AND OPERATING  RESULTS AND COULD DECREASE THE
VALUE OF OUR ASSETS.

         Terrorist attacks and other acts of violence or war, such as those that
took place on September 11, 2001,  could have a material  adverse  impact on our
business and operating results. There can be no assurance that there will not be
further  terrorist  attacks  against  the  United  States or its  businesses  or
interests.  Attacks or armed  conflicts that directly  impact one or more of our
properties  could  significantly  affect our ability to operate those properties
and thereby  impair our operating  results.  Further,  we may not have insurance
coverage for losses  caused by a terrorist  attack.  Such  insurance  may not be
available,  or if it is  available  and  we  decide  to  obtain  such  terrorist
coverage,  the cost for the insurance may be significant in  relationship to the
risk  overall.  In  addition,  the adverse  effects  that such  violent acts and
threats of future attacks could have on the U.S.  economy could similarly have a
material  adverse  effect on our  business and results of  operations.  Finally,
further terrorist acts could cause the United States to enter into a wider armed
conflict, which could further impact our business and operating results.

         DEVELOPMENTS IN CALIFORNIA MAY HAVE AN ADVERSE IMPACT ON OUR BUSINESS.

         We are  headquartered  in, all of the facilities we operate are located
in, California.  California is facing serious budgetary  problems.  Actions that
may be taken in  response  to these  problems,  such as an  increase in property
taxes on commercial properties,  could adversely impact our business and results
of  operations.  In  addition,  we could be  adversely  impacted by the recently
enacted legislation mandating medical insurance for California businesses.

                                       11

<PAGE>

CONTROLS AND PROCEDURES
-----------------------

         The Partnership  maintains  disclosure controls and procedures that are
designed to ensure that  information  required  to be  disclosed  in reports the
Partnership  files and submits under the Exchange  Act, is recorded,  processed,
summarized and reported within the time periods specified in accordance with SEC
guidelines  and that  such  information  is  communicated  to the  Partnership's
management,  including its Chief Executive Officer and Chief Financial  Officer,
to allow timely decisions  regarding required disclosure based on the definition
of "disclosure  controls and procedures" in Rules 13a-15(e) of the Exchange Act.
In designing and evaluating the disclosure  controls and procedures,  management
recognized  that any controls and  procedures,  no matter how well  designed and
operated, can provide only reasonable assurance of achieving the desired control
objectives  and  management  necessarily  was  required to apply its judgment in
evaluating the cost-benefit  relationship of possible controls and procedures in
reaching that level of reasonable assurance.

         As of the  end of the  fiscal  quarter  covered  by  this  report,  the
Partnership  carried  out an  evaluation,  under  the  supervision  and with the
participation of the Partnership's management, including the Partnership's Chief
Executive  Officer  and  the  Partnership's  Chief  Financial  Officer,  of  the
effectiveness  of the  design  and  operation  of the  Partnership's  disclosure
controls and procedures.  Based upon this evaluation,  the  Partnership's  Chief
Executive  Officer and Chief Financial  Officer concluded that the Partnership's
disclosure controls and procedures were effective.

         There have not been any changes in our internal  control over financial
reporting (as such term is defined in Rules  13a-15(f)  and 15d-15(f)  under the
Exchange  Act) during the fiscal  quarter to which this report  relates that has
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.


                                       12


<PAGE>


                           PART II. OTHER INFORMATION


Item 1   Legal Proceedings
         -----------------

         The  Partnership  is a party to the  actions  described  under "Item 3.
         Legal Proceedings" in the Partnership's 2002 annual report on Form 10-K
         and Part II - Item 1 to the Form 10-Q for the quarters  ended March 31,
         2003 and June 30, 2003. There have been no material developments in the
         actions described in the Partnership's  2002 annual report on Form 10-K
         and Part II - Item 1 to the Form 10-Q for the quarters  ended March 31,
         2003 and June 30, 2003.

         The  Partnership is a party to various  claims,  complaints,  and other
         legal  actions that have arisen in the normal  course of business  from
         time to time. The Partnership  believes that the outcome of these other
         pending legal proceedings,  in the aggregate,  will not have a material
         adverse  effect  upon  the  operations  or  financial  portion  of  the
         Partnership.

Items 2 through 5 are inapplicable.

Item 6   Exhibits and Reports on Form 8-K.
         ---------------------------------

        (a) The following Exhibits are included herein:

                31.1 Certification  pursuant  to  18  U.S.C.  Section  1350,  as
                     adopted pursuant to section 302 of the  Sarbanes-Oxley  Act
                     of 2002

                31.2 Certification  pursuant  to  18  U.S.C.  Section  1350,  as
                     adopted pursuant to section 302 of the  Sarbanes-Oxley  Act
                     of 2002

                32   Certification of CEO and CFO pursuant to 18 U.S.C.  Section
                     1350,   as  adopted   pursuant   to  section   906  of  the
                     Sarbanes-Oxley Act of 2002

        (b) Form 8-K

                None


                                       13


<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.







                                                 DATED: November 14, 2003

                                                 PUBLIC STORAGE PROPERTIES, LTD.

                                                 BY:  Public Storage, Inc.
                                                      General Partner





                                                 BY:   /s/ John Reyes
                                                       --------------
                                                       John Reyes
                                                       Senior Vice President and
                                                       Chief Financial Officer




                                       14